Major Ethereum holders continued to dump assets on Monday, with the Ethereum Foundation and WazirX hacker in the mix.
Ethereum sales from co-founder Vitalik Buterin have slowed down following widespread community criticism. However, the Ethereum Foundation—an organization created to support the Ethereum network—has remained poised on offloading its Ether stash.
Data from Spotonchain showed that the non-profit organization had resumed Ether sales this week after trading 450ETH for $1.09 DAI on Monday. The Ethereum Foundation paused sales on Sunday, having been on a selling streak for over six days. On-chain analysis showed that the foundation had converted 550 ETH to DAI in the past four days at an average price of $2,324.
The Monday sales were done across three transactions at 7.23 UTC. The Ethereum Foundation sent 450 ETH to its multi-signature wallet, receiving 500,000 DAI and 536,407 DAI from address 0xbc…fbc3.
Ethereum Foundation’s Persistent Sales
The foundation has been a significant source of Ethereum liquidation, as data showed it has already dumped over 2,000 ETH ($4.65 million) this month. Per Arkham, the Ethereum Foundation started the month with an Ether balance of 274,000 ETH but has 271,802 left at the time of writing.
In August alone, the non-profit organization sold 35,000 ETH, worth over $81 million at the current market price. The firm obviously ramped up sales in August, as data showed it sold just 1,000 ETH in July. The reason behind these sales has remained unknown.
Notably, these incessant Ethereum liquidations have not gone down well with the community, as they have continued to make their feelings known. The sales have also contributed to Ether’s price weakness, with the asset underperforming the most among the ten cryptocurrencies.
Ethereum has dived 8% in the past seven days and 12% in the past month. This is worse than Bitcoin’s 7.97% and 9% weekly and monthly drawdowns.
WazirX Hacker Launders New Funds
Meanwhile, the hackers behind the exploit on India’s largest cryptocurrency exchange, WazirX, have laundered new funds. Data from PeckShield showed that they sent 5,001 ETH ($11.5 million) to a new address. This came after an earlier report of the hacker moving 2,600 ETH on September 3.
Following the transfer, the hacker started moving the ETH from the new address to the crypto mixer platform Tornado Cash. At the time of writing, the address had already laundered 2,000 ETH ($3.4 million) through the platform and had 3,501 ETH ($8.12 million) left.
Ethereum remained largely stable during these sell-offs, trading at $2,321 at press time. The asset’s trading volume stood at $12.8 billion, up 35% in the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
